Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
Final benami adjudication bars contradictory tax-evasion prosecution where settlement findings confirm full disclosure and cooperation without conceal...
Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Brought-forward capital cannot be assessed as current-year income merely because an originally reported balance-sheet figure is erroneous; a demonstrable accounting correction supported by accepted prior-year records is permissible absent evidence of fresh unexplained accretion. Alleged on-money for immovable property requires cogent proof of actual payment, and a retracted vendor statement or unconnected cash deposits does not establish ownership of unexplained money. Section 68 requires a credit arising in the relevant year, so aggregate closing creditor balances, internal appropriations, prior-year liabilities and supported chit liabilities cannot be taxed without component-wise examination. Recorded sundry debtors are debit receivables, not cash credits or unrecorded investments. On these principles, the four additions were deleted.
Brought-forward capital cannot be assessed as current-year income merely because an originally reported balance-sheet figure is erroneous; a demonstrable accounting correction supported by accepted prior-year records is permissible absent evidence of fresh unexplained accretion. Alleged on-money for immovable property requires cogent proof of actual payment, and a retracted vendor statement or unconnected cash deposits does not establish ownership of unexplained money. Section 68 requires a credit arising in the relevant year, so aggregate closing creditor balances, internal appropriations, prior-year liabilities and supported chit liabilities cannot be taxed without component-wise examination. Recorded sundry debtors are debit receivables, not cash credits or unrecorded investments. On these principles, the four additions were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
